Econ Unit 2 Vocab

a side effect or consequence of an economic activity that affects other parties who did not choose to be involved in that activity

a government-imposed maximum price that can be charged for a particular good or service 

Data points used to gauge the overall health of an economy, such as unemployment rates, & GDP growth

When the quantity demanded of a good exceeds the quantity supplied at a given price, leading to a lack of availability.

When the quantity supplied of a good exceeds the quantity demanded at a given price, leading to excess inventory.

Rivalry among businesses to attract customers by offering the best products at the best prices.

The point where the quantity demanded by consumers matches the quantity supplied by producers at a specific price, resulting in market stability.

The quantity of a good or service that producers are willing to offer for sale at a given price during a specific time period.

The quantity of a good or service that consumers are willing and able to buy at a given price during a specific time period.

A place where buyers and sellers come together to exchange goods or services.